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Qwest $25-par notes surge; JPMorgan active but flat; Southern California Edison gains
By James McCandless
San Antonio, Feb. 14 – The Thursday trading session led to mixed results in the preferred market.
Qwest Corp.’s 6.125% notes due 2053 and its 6.5% notes due 2056 both saw a large boost, leading secondary activity.
The 6.125% notes (NYSE: CTY) jumped up $1.01 to close at $23.00 on volume of about 854,000 notes.
The 6.5% notes (NYSE: CTBB) gained $1.28 to close at $22.64 on volume of about 682,000 notes.
Elsewhere, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock saw high volume but ended level.
The preferreds (NYSE: JPMPrC) closed level at $25.93 with about 719,000 shares trading.
Sector peer Bank of America Corp.’s 6.625% series W non-cumulative preferred stock ended positive.
The preferreds (NYSE: BACPrW) added 9 cents to close at $25.51 on volume of about 683,000 shares.
U.S. Bancorp’s series B non-cumulative perpetual preferreds dropped.
The preferreds (NYSE: USBPrH) lost 15 cents to close at $19.31.
Meanwhile, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities traded up.
The preferreds (NYSE: SCEPrL) garnered 30 cents to close at $20.81.
The Wells Fargo Hybrid & Preferred Securities Financial index ended the session up by 0.04%.
The iShares US Preferred Stock ETF was down 3 cents to $35.96.
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